Daily News: January 27, 2012

Court Grants Final Approval of SP Newsprint Bankruptcy Loan

Newsprint manufacturer SP Newsprint Holdings received final approval from the U.S. Bankruptcy Court in the District of Delaware to tap its $20 million debtor-in-possession financing. The loan supports the company reorganization, a Bloomberg article said.

Before entering Chapter 11 in November, SP Newsprint owed GE Capital, as lender and agent, $41 million in a revolving loan and $213 million in a term loan.

The company said in court documents that it is in the process of negotiating to sell its business as a going concern in the near future.

Previously on abfjournal.com:

SP Newsprint Files Chapter 11 After Defaulting on GE Capital Loan, Thursday, November 17, 2011